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Cash Flow Statement The following are the Balance Sheets of Hayes Plc as at 31/12/2006 and 31/12/2007 - Leaving Cert Accounting - Question 6 - 2008
Question 6
Cash Flow Statement The following are the Balance Sheets of Hayes Plc as at 31/12/2006 and 31/12/2007. Balance Sheets as at ... show full transcript
Worked Solution & Example Answer:Cash Flow Statement The following are the Balance Sheets of Hayes Plc as at 31/12/2006 and 31/12/2007 - Leaving Cert Accounting - Question 6 - 2008
Step 1
Write a note on the Accounting Standards Board.
Answer
Note on the Accounting Standards Board (ASB)
The Accounting Standards Board (ASB) was established to develop and maintain accounting standards within a framework that ensures the transparency, relevance, and comparability of financial statements.
The main activities of the ASB include:
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Setting Accounting Standards: The ASB creates standards that govern the preparation of financial statements, ensuring they meet regulatory requirements.
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Monitoring Compliance: It oversees adherence to these standards across organizations, promoting consistency in financial reporting.
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Influence on Cash Flow Statements: The ASB has influenced the preparation of Cash Flow statements by introducing guidelines that require companies to segregate cash flows based on their sources and uses, ensuring clarity and reliability for stakeholders.